1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0332
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Law
Distribution of Federal Tax Change by Cash Income Percentile, 2013 1
Summary Table
Pct of Tax Units (%)
2,3
Cash Income Percentile
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
All Tax Units (thousands)
With Gains or Qualified Dividends
Pay Tax on Gains or Qualified Dividends
Average Gains and Dividends for Recepients4 ($)
Average Tax Paid on Gains and Dividends by Those Paying Tax5 ($)
Share of Total Federal Tax on Gains and Dividends
Average Federal Tax Rate of Those Paying Tax on Long‐Term Gains and Dividends5
On Gains and 6
Dividends
On All Income
7
43,362
37,681
32,699
27,208
24,067
166,272
3.6
8.1
13.2
23.9
50.1
16.8
0.4
3.5
10.5
22.7
49.1
13.8
1,371
1,784
2,717
4,212
44,525
21,111
185
176
400
769
11,031
5,967
0.0
0.2
1.0
3.5
95.3
100.0
10.7
9.7
16.1
18.4
24.7
24.2
17.2
13.1
16.1
20.4
30.4
28.7
12,130
5,919
4,805
1,213
124
37.7
51.8
69.9
87.8
95.2
36.9
50.5
68.7
86.8
93.8
6,360
10,819
27,977
357,590
2,114,928
1,237
2,257
7,053
89,994
528,819
4.0
4.9
17.0
69.3
45.1
19.7
21.1
25.4
25.2
24.8
24.1
25.8
28.1
35.2
38.7
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐2).
* Insufficient data
(1) Calendar year. Baseline is current law with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current law. For a description of
TPC's current law and current policy baselines, see http://www.taxpolicycenter.org/T11‐0270
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non‐filing units but excludes those that are dependents of other tax units. The cash income percentile classes used in this table are based on the income distribution for the entire population and contain an equal number of people, not tax units. The breaks are (in 2011 dollars): 20% $17,909 40% $37,090; 60% $64,531; 80% $111,344; 90% $160,377; 95% $227,314; 99% $592,985; 99.9% $2,682,143.
(4) Average among tax units with long‐term positive gains.
(5) Average among tax units with positive tax paid on long‐term positive gains.
(6) Average federal tax on long‐term positive capital gains as a percentage of positive long‐term gains.
(7) Average federal tax (includes individual and corporate income tax as well as payroll taxes for Social Security and Medicare) as a percentage of average cash income. 1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0332
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Law
1
Distribution of Federal Tax Change by Cash Income Percentile, 2013 Detail Table
Cash Income Percentile 2,3
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Number (thousands)
Pct of All Units (%)
Average Income ($)
Tax Units with Tax On Positive Long‐Term Gains or Qualified Dividends
Average Tax Rate
Average Tax
Average Gains On Gains and On All Income or Dividend
On Gains and On All Income 5 ($)
($)
Dividends ($)
Dividends 4 (%)
(%)
Percent Change in After‐Tax Income 4 (%)
Share of Tax on Gains and Dividends (%)
Share of Total Tax Burden (%)
158
1,311
3,448
6,167
11,814
22,913
0.4
3.5
10.5
22.7
49.1
13.8
14,217
30,973
53,090
89,278
363,560
221,314
1,723
1,824
2,479
4,176
44,725
24,684
185
176
400
769
11,031
5,967
2,451
4,049
8,572
18,249
110,564
63,462
10.7
9.7
16.1
18.4
24.7
24.2
17.2
13.1
16.1
20.4
30.4
28.7
‐1.5
‐0.7
‐0.9
‐1.1
‐4.2
‐3.6
0.0
0.2
1.0
3.5
95.3
100.0
0.0
0.4
2.0
7.7
89.8
100.0
4,471
2,989
3,301
1,053
117
36.9
50.5
68.7
86.8
93.8
137,586
195,341
346,970
1,852,621
8,027,929
6,280
10,704
27,811
357,563
2,130,164
1,237
2,257
7,053
89,994
528,819
33,138
50,340
97,447
345,498
3,107,038
19.7
21.1
25.4
25.2
24.8
24.1
25.8
28.1
35.2
38.7
‐1.2
‐1.5
‐2.7
‐7.0
‐9.7
4.0
4.9
17.0
69.3
45.1
10.2
10.3
22.1
47.2
24.9
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Baseline Distribution of Long‐Term Capital Gains and Qualified Dividends
1
by Cash Income Percentile, 2013 Tax Units With Net Long‐Term Capital Gains
Tax Units 3
Cash Income Percentile
Number (thousands)
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Tax Units With Net Long‐Term Capital Losses
Tax Units With Qualified Dividends
Tax Units With Long‐Term Gains or Qualified Dividends
Percent of Total Units
Percent of Total Units
Average Gains or Dividend
2,3
Average Dividend
Percent of Total
Percent of Total Units
43,362
37,681
32,699
27,208
24,067
166,272
26.1
22.7
19.7
16.4
14.5
100.0
0.8
1.9
5.2
10.4
24.0
6.9
2,781
2,575
3,240
5,288
69,448
37,390
0.9
1.8
3.3
6.4
17.9
5.1
‐7,426
‐7,093
‐6,688
‐7,135
‐13,145
‐10,475
3.3
7.5
11.5
21.1
45.5
15.0
850
1,291
1,662
2,168
12,432
6,417
3.6
8.1
13.2
23.9
50.1
16.8
1,371
1,784
2,717
4,212
44,525
21,111
12,130
5,919
4,805
1,213
124
7.3
3.6
2.9
0.7
0.1
16.9
25.1
34.1
49.9
65.8
8,049
14,362
38,079
497,542
2,500,778
12.0
17.8
29.0
34.6
29.1
‐7,049
‐8,117
‐12,910
‐47,686
‐209,944
33.9
46.1
64.4
82.4
90.4
3,059
4,341
10,230
79,924
405,464
37.7
51.8
69.9
87.8
95.2
6,360
10,819
27,977
357,590
2,114,928
Average Gains
Percent of Total Units
Average Loss
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐2).
* Insufficient data
(1) Calendar year. Baseline is current law with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current law. For a description of TPC's current law and current policy baselines,
see http://www.taxpolicycenter.org/T11‐0270
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non‐filing units but excludes those that are dependents of other tax units. The cash income percentile classes used in this table are based on the income distribution for the entire population and contain an equal
number of people, not tax units. The breaks are (in 2011 dollars): 20% $17,909 40% $37,090; 60% $64,531; 80% $111,344; 90% $160,377; 95% $227,314; 99% $592,985; 99.9% $2,682,143.
(4) Average federal tax on long‐term positive capital gains as a percentage of positive long‐term gains.
(5) Average federal tax (includes individual and corporate income tax as well as payroll taxes for Social Security and Medicare) as a percentage of average cash income. (6) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; and payroll taxes (Social Security and Medicare)
1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0332
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Law
Distribution of Federal Tax Change by Cash Income Percentile Adjusted for Family Size, 2013 1
Detail Table
Cash Income Percentile2,3
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Number (thousands)
Pct of All Units (%)
Average Income ($)
Tax Units with Tax On Positive Long‐Term Gains or Qualified Dividends
Average Tax
Average Tax Rate
Average Gains 5 On Gains and or Dividend
On Gains and On All Income On All Income
4
($)
Dividends ($)
($)
(%)
Dividends (%)
Percent Change in After‐Tax Income4 (%)
Share of Tax on Gains and Dividends (%)
Share of Total Tax Burden (%)
83
578
2,673
5,802
13,762
22,913
0.2
1.7
8.1
19.0
44.9
13.8
14,296
28,064
48,302
81,387
323,559
221,314
1,607
1,635
1,889
3,096
39,328
24,684
291
176
214
515
9,665
5,967
1,300
4,070
7,209
15,825
97,401
63,462
18.1
10.8
11.3
16.6
24.6
24.2
9.1
14.5
14.9
19.4
30.1
28.7
‐2.2
‐0.7
‐0.5
‐0.8
‐4.1
‐3.6
0.0
0.1
0.4
2.2
97.3
100.0
0.0
0.2
1.3
6.3
92.2
100.0
4,996
3,588
3,936
1,243
138
32.4
46.6
64.7
84.8
93.2
121,974
171,450
305,189
1,631,106
7,080,466
4,946
9,058
23,292
315,696
1,873,321
970
1,849
5,760
79,540
465,628
28,571
43,651
84,982
568,554
2,730,813
19.6
20.4
24.7
25.2
24.9
23.4
25.5
27.8
34.9
38.6
‐1.0
‐1.4
‐2.5
‐7.0
‐9.7
3.5
4.9
16.6
72.3
47.0
9.8
10.8
23.0
48.6
25.9
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Baseline Distribution of Long‐Term Capital Gains and Qualified Dividends
by Cash Income Percentile Adjusted for Family Size, 2013 1
Tax Units 3
Cash Income Percentile
Number (thousands)
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Tax Units With Net Long‐Term Capital Gains
Tax Units With Net Long‐Term Capital Losses
Percent of Total Units
Percent of Total Units
Tax Units With Qualified Dividends
Tax Units With Long‐Term Gains or Qualified Dividends
2,3
Percent of Total
Average Gains
Average Loss
Percent of Total Units
Average Dividend
Percent of Total Units
Average Gains or Dividend
36,065
34,713
33,034
30,538
30,666
166,272
21.7
20.9
19.9
18.4
18.4
100.0
0.7
1.4
3.8
8.4
22.1
6.9
2,991
2,902
3,158
4,154
60,045
37,390
1.0
1.2
3.0
5.3
15.7
5.1
‐7,887
‐7,191
‐6,848
‐6,468
‐12,659
‐10,475
2.8
5.5
10.8
17.9
41.6
15.0
907
1,021
1,285
1,657
11,221
6,417
3.1
6.1
12.2
20.2
46.0
16.8
1,518
1,577
2,120
3,193
39,050
21,111
15,414
7,701
6,085
1,466
148
9.3
4.6
3.7
0.9
0.1
14.6
23.6
32.7
49.5
65.2
6,609
10,990
30,922
428,399
2,197,840
9.9
16.0
26.0
33.4
29.3
‐7,073
‐7,487
‐12,131
‐44,749
‐192,819
29.8
43.0
60.4
80.1
89.3
718
1,778
5,349
73,014
326,984
33.3
47.8
66.0
86.1
94.5
5,051
9,149
23,404
314,549
1,861,254
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐2)
* Insufficient data
(1) Calendar year. Baseline is current law with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current law. For a description of TPC's current law and current polic
baselines, see http://www.taxpolicycenter.org/T11‐0270
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see
http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non‐filing units but excludes those that are dependents of other tax units. The cash income percentile classes used in this table are based on the income distribution for the entire population and contain an equa
number of people, not tax units. The incomes used are adjusted for family size by dividing by the square root of the number of people in the tax unit. The resulting percentile breaks are (in 2011 dollars): 20% $12,690; 40% $24,714; 60% $41,203; 80% $67,700; 90% $97,816; 95% $138,772; 99% $358,601; 99.9% $1,621,178.
(4) Average federal tax on long‐term positive capital gains as a percentage of positive long‐term gains
(5) Average federal tax (includes individual and corporate income tax as well as payroll taxes for Social Security and Medicare) as a percentage of average cash income. (6) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; and payroll taxes (Social Security and Medicare)
1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0332
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Law
Distribution of Federal Tax Change by Cash Income Percentile Adjusted for Family Size, 2013 1
Detail Table ‐ Single Tax Units
Cash Income Percentile2,3
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Number (thousands)
Pct of All Units (%)
Average Income ($)
Tax Units with Tax On Positive Long‐Term Gains or Qualified Dividends
Average Tax
Average Tax Rate
Average Gains On Gains and or Dividend
On Gains and On All Income On All Income5 ($)
Dividends ($)
($)
Dividends4 (%)
(%)
Percent Change in After‐Tax Income4 (%)
Share of Tax on Gains and Dividends (%)
Share of Total Tax Burden (%)
50
286
1,246
1,801
3,655
7,041
0.2
1.5
7.9
15.4
38.1
8.7
11,310
20,359
35,355
56,424
212,400
131,834
1,328
2,020
1,802
3,232
31,370
17,527
130
172
198
610
7,483
4,084
1,804
3,529
4,740
10,612
62,542
36,176
9.8
8.5
11.0
18.9
23.9
23.3
16.0
17.3
13.4
18.8
29.4
27.4
‐1.4
‐1.0
‐0.6
‐1.3
‐4.8
‐4.1
0.0
0.2
0.9
3.8
95.1
100.0
0.0
0.4
2.3
7.5
89.7
100.0
1,368
961
1,028
298
30
26.7
41.2
57.4
81.7
90.8
84,042
119,441
211,510
1,104,473
5,102,350
5,622
10,301
23,412
244,958
1,450,598
1,162
2,078
5,275
61,547
361,562
20,168
30,882
57,391
376,921
1,978,352
20.7
20.2
22.5
25.1
24.9
24.0
25.9
27.1
34.1
38.8
‐1.8
‐2.3
‐3.3
‐7.8
‐10.4
5.5
6.9
18.9
63.8
38.1
10.8
11.6
23.2
44.1
23.5
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Baseline Distribution of Long‐Term Capital Gains and Qualified Dividends
by Cash Income Percentile Adjusted for Family Size, 2013 1
Tax Units 3
Cash Income Percentile
Number (thousands)
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Tax Units With Net Long‐Term Capital Gains
Tax Units With Net Long‐Term Capital Losses
Percent of Total Units
Percent of Total Units
Tax Units With Qualified Dividends
Tax Units With Long‐Term Gains or Qualified Dividends
2,3
Percent of Total
Average Gains
Average Loss
Percent of Total Units
Average Dividend
Percent of Total Units
Average Gains or Dividend
23,198
19,587
15,802
11,719
9,604
80,622
28.8
24.3
19.6
14.5
11.9
100.0
0.7
1.4
3.3
7.2
20.2
4.7
1,994
2,281
2,211
2,973
40,218
21,971
1.0
1.1
2.7
3.8
12.1
3.3
‐5,680
‐6,958
‐5,936
‐6,227
‐11,738
‐8,959
3.1
6.8
11.5
15.2
35.5
11.4
776
972
1,416
2,299
11,406
5,179
3.3
7.3
12.3
16.8
39.3
12.5
1,146
1,355
1,911
3,348
30,904
13,000
5,116
2,332
1,790
365
33
6.3
2.9
2.2
0.5
0.0
13.0
22.7
31.5
48.6
62.7
5,532
9,609
26,147
306,641
1,653,987
7.8
12.8
19.2
32.0
29.4
‐7,464
‐7,155
‐11,029
‐40,143
‐158,291
24.9
38.7
53.5
75.1
83.9
3,374
5,725
10,258
71,519
350,422
27.8
42.7
59.0
82.6
91.8
5,604
10,291
23,282
245,288
1,449,755
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐2)
* Insufficient data
(1) Calendar year. Baseline is current law with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current law. For a description of TPC's current law and current polic
baselines, see http://www.taxpolicycenter.org/T11‐0270
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see
http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non‐filing units but excludes those that are dependents of other tax units. The cash income percentile classes used in this table are based on the income distribution for the entire population and contain an equa
number of people, not tax units. The incomes used are adjusted for family size by dividing by the square root of the number of people in the tax unit. The resulting percentile breaks are (in 2011 dollars): 20% $12,690; 40% $24,714; 60% $41,203; 80% $67,700; 90% $97,816; 95% $138,772; 99% $358,601; 99.9% $1,621,178.
(4) Average federal tax on long‐term positive capital gains as a percentage of positive long‐term gains
(5) Average federal tax (includes individual and corporate income tax as well as payroll taxes for Social Security and Medicare) as a percentage of average cash income. (6) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; and payroll taxes (Social Security and Medicare)
1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0332
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Law
Distribution of Federal Tax Change by Cash Income Percentile Adjusted for Family Size, 2013 1
Detail Table ‐ Married Tax Units Filing Jointly
Cash Income Percentile2,3
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Number (thousands)
Pct of All Units (%)
Average Income ($)
Tax Units with Tax On Positive Long‐Term Gains or Qualified Dividends
Average Tax
Average Tax Rate
Average Gains On Gains and or Dividend
On Gains and On All Income On All Income5 ($)
Dividends ($)
($)
Dividends4 (%)
(%)
Percent Change in After‐Tax Income4 (%)
Share of Tax on Gains and Dividends (%)
Share of Total Tax Burden (%)
22
200
1,217
3,644
9,605
14,699
0.5
3.0
10.5
23.6
49.8
25.4
19,510
37,956
61,185
94,401
364,619
267,260
2,672
1,395
2,018
3,086
41,307
27,960
748
198
232
480
10,271
6,856
1,079
5,196
9,499
18,378
109,835
77,197
28.0
14.2
11.5
15.6
24.9
24.5
5.5
13.7
15.5
19.5
30.1
28.9
‐3.9
‐0.6
‐0.4
‐0.6
‐3.9
‐3.5
0.0
0.0
0.3
1.7
97.9
100.0
0.0
0.1
1.0
5.9
93.0
100.0
3,418
2,517
2,772
898
100
37.2
49.9
69.0
86.2
94.4
138,039
192,036
341,899
1,780,973
7,562,196
4,654
8,491
23,121
328,957
1,958,467
902
1,750
5,900
83,316
488,995
32,015
48,673
95,780
620,877
2,908,899
19.4
20.6
25.5
25.3
25.0
23.2
25.3
28.0
34.9
38.5
‐0.8
‐1.2
‐2.3
‐6.7
‐9.5
3.1
4.4
16.2
74.2
48.6
9.6
10.8
23.4
49.1
25.7
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Baseline Distribution of Long‐Term Capital Gains and Qualified Dividends
by Cash Income Percentile Adjusted for Family Size, 2013 1
Tax Units 3
Cash Income Percentile
Number (thousands)
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Tax Units With Net Long‐Term Capital Gains
Tax Units With Net Long‐Term Capital Losses
Percent of Total Units
Percent of Total Units
Tax Units With Qualified Dividends
Tax Units With Long‐Term Gains or Qualified Dividends
2,3
Percent of Total
Average Gains
Average Loss
Percent of Total Units
Average Dividend
Percent of Total Units
Average Gains or Dividend
4,398
6,664
11,624
15,415
19,298
57,802
7.6
11.5
20.1
26.7
33.4
100.0
1.6
2.4
5.4
10.2
23.9
12.3
5,719
4,137
3,998
4,823
66,052
44,876
2.1
2.6
4.3
6.9
18.0
9.3
‐12,443
‐7,717
‐7,604
‐6,614
‐12,796
‐11,160
4.8
6.3
13.4
21.9
46.0
25.2
1,415
1,086
1,186
1,372
11,072
7,295
5.7
7.5
15.8
24.8
50.8
28.3
2,835
2,214
2,380
3,182
41,153
25,978
9,190
5,048
4,018
1,042
106
15.9
8.7
7.0
1.8
0.2
16.4
24.5
33.8
50.0
66.2
6,873
11,281
32,590
454,302
2,300,629
11.4
17.7
29.4
33.9
29.3
‐7,072
‐7,622
‐12,487
‐43,817
‐185,722
33.9
45.7
64.7
82.3
91.8
2,062
3,568
8,309
72,350
370,014
38.0
51.0
70.3
87.6
95.9
4,800
8,614
23,324
327,188
1,942,515
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐2)
* Insufficient data
(1) Calendar year. Baseline is current law with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current law. For a description of TPC's current law and current polic
baselines, see http://www.taxpolicycenter.org/T11‐0270
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see
http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non‐filing units but excludes those that are dependents of other tax units. The cash income percentile classes used in this table are based on the income distribution for the entire population and contain an equa
number of people, not tax units. The incomes used are adjusted for family size by dividing by the square root of the number of people in the tax unit. The resulting percentile breaks are (in 2011 dollars): 20% $12,690; 40% $24,714; 60% $41,203; 80% $67,700; 90% $97,816; 95% $138,772; 99% $358,601; 99.9% $1,621,178.
(4) Average federal tax on long‐term positive capital gains as a percentage of positive long‐term gains
(5) Average federal tax (includes individual and corporate income tax as well as payroll taxes for Social Security and Medicare) as a percentage of average cash income. (6) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; and payroll taxes (Social Security and Medicare)
1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0332
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Law
Distribution of Federal Tax Change by Cash Income Percentile Adjusted for Family Size, 2013 1
Detail Table ‐ Head of Household Tax Units
Cash Income Percentile2,3
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Number (thousands)
Pct of All Units (%)
Average Income ($)
Tax Units with Tax On Positive Long‐Term Gains or Qualified Dividends
Average Tax
Average Tax Rate
Average Gains On Gains and or Dividend
On Gains and On All Income On All Income5 ($)
Dividends ($)
($)
Dividends4 (%)
(%)
Percent Change in After‐Tax Income4 (%)
Share of Tax on Gains and Dividends (%)
Share of Total Tax Burden (%)
*
78
190
277
320
874
*
1.0
3.9
10.0
25.3
3.5
*
31,689
51,702
77,562
282,701
142,285
*
693
1,759
2,722
36,858
14,834
*
130
208
415
8,330
3,240
*
3,352
8,669
16,525
84,877
38,503
*
18.7
11.8
15.2
22.6
21.8
*
10.6
16.8
21.3
30.0
27.1
*
‐0.5
‐0.5
‐0.7
‐4.0
‐3.0
*
0.4
1.4
4.1
94.1
100.0
*
0.8
4.9
13.6
80.7
100.0
140
74
80
26
*
17.2
32.0
43.4
78.0
*
118,635
169,133
288,334
1,464,571
*
6,427
12,052
23,449
311,227
*
936
2,268
5,406
74,059
*
29,764
43,317
76,787
522,318
*
14.6
18.8
23.1
23.8
*
25.1
25.6
26.6
35.7
*
‐1.0
‐1.8
‐2.5
‐7.3
*
4.6
5.9
15.4
68.2
*
12.4
9.5
18.4
40.5
*
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Baseline Distribution of Long‐Term Capital Gains and Qualified Dividends
by Cash Income Percentile Adjusted for Family Size, 2013 1
Tax Units 3
Cash Income Percentile
Number (thousands)
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Tax Units With Net Long‐Term Capital Gains
Tax Units With Net Long‐Term Capital Losses
Percent of Total Units
Percent of Total Units
Tax Units With Qualified Dividends
Tax Units With Long‐Term Gains or Qualified Dividends
2,3
Percent of Total
Average Gains
Average Loss
Percent of Total Units
Average Dividend
Percent of Total Units
Average Gains or Dividend
8,232
8,034
4,869
2,769
1,263
25,256
32.6
31.8
19.3
11.0
5.0
100.0
0.2
0.4
1.8
4.4
12.0
1.7
2,065
2,310
2,554
4,145
65,026
26,019
0.3
0.3
1.2
2.9
10.5
1.3
‐11,735
‐6,398
‐6,595
‐5,903
‐9,784
‐8,391
1.0
1.8
3.8
9.1
22.8
3.8
750
1,176
896
1,145
7,287
2,926
1.1
2.0
4.4
10.8
26.1
4.4
1,098
1,515
1,824
2,658
36,288
12,344
814
230
186
33
3
3.2
0.9
0.7
0.1
0.0
7.3
15.0
23.2
44.0
57.2
11,883
21,200
34,448
472,689
2,614,671
6.8
13.0
19.2
34.4
29.5
‐4,699
‐7,203
‐9,343
‐42,295
‐150,392
15.9
27.8
38.3
69.2
79.7
1,805
2,769
6,072
54,178
263,438
18.1
32.4
44.2
78.8
87.1
6,403
12,195
23,363
311,675
1,958,101
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐2)
* Insufficient data
(1) Calendar year. Baseline is current law with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current law. For a description of TPC's current law and current polic
baselines, see http://www.taxpolicycenter.org/T11‐0270
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see
http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non‐filing units but excludes those that are dependents of other tax units. The cash income percentile classes used in this table are based on the income distribution for the entire population and contain an equa
number of people, not tax units. The incomes used are adjusted for family size by dividing by the square root of the number of people in the tax unit. The resulting percentile breaks are (in 2011 dollars): 20% $12,690; 40% $24,714; 60% $41,203; 80% $67,700; 90% $97,816; 95% $138,772; 99% $358,601; 99.9% $1,621,178.
(4) Average federal tax on long‐term positive capital gains as a percentage of positive long‐term gains
(5) Average federal tax (includes individual and corporate income tax as well as payroll taxes for Social Security and Medicare) as a percentage of average cash income. (6) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; and payroll taxes (Social Security and Medicare)
1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0332
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Law
1
Distribution of Federal Tax Change by Cash Income Percentile Adjusted for Family Size, 2013 Detail Table ‐ Tax Units with Children
Cash Income Percentile 2,3
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Number (thousands)
Pct of All Units (%)
Average Income ($)
Tax Units with Tax On Positive Long‐Term Gains or Qualified Dividends
Average Tax
Average Tax Rate
Average Gains On Gains and or Dividend
On Gains and On All Income On All Income5 4
($)
($)
Dividends ($)
(%)
Dividends (%)
Percent Change in After‐Tax Income4 (%)
Share of Tax on Gains and Dividends (%)
Share of Total Tax Burden (%)
28
173
781
1,847
4,005
6,844
0.3
1.6
7.8
18.6
48.0
13.8
19,945
39,434
67,150
108,343
399,996
272,040
2,261
1,134
1,836
2,714
37,381
22,887
690
243
222
407
9,071
5,456
493
4,852
12,377
24,804
125,796
81,875
30.5
21.5
12.1
15.0
24.3
23.8
2.5
12.3
18.4
22.9
31.4
30.1
‐3.4
‐0.7
‐0.4
‐0.5
‐3.2
‐2.8
0.1
0.1
0.5
2.0
97.3
100.0
0.0
0.1
1.7
8.2
89.9
100.0
1,578
1,020
1,080
328
33
35.9
51.5
68.0
85.8
93.8
160,018
225,159
406,875
2,076,210
9,362,987
3,970
7,486
21,225
344,417
2,327,589
707
1,516
5,428
84,829
566,968
40,766
60,946
119,341
758,045
3,708,801
17.8
20.3
25.6
24.6
24.4
25.5
27.1
29.3
36.5
39.6
‐0.6
‐0.9
‐1.9
‐6.0
‐9.1
3.0
4.1
15.7
74.5
50.0
11.5
11.1
23.0
44.4
21.8
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Baseline Distribution of Long‐Term Capital Gains and Qualified Dividends
1
by Cash Income Percentile Adjusted for Family Size, 2013 Tax Units 3
Cash Income Percentile
Number (thousands)
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Tax Units With Net Long‐Term Capital Gains
Tax Units With Net Long‐Term Capital Losses
Percent of Total Units
Percent of Total Units
Tax Units With Qualified Dividends
Tax Units With Long‐Term Gains or Qualified Dividends
2,3
Percent of Total
Average Gains
Average Loss
Percent of Total Units
Average Dividend
Percent of Total Units
Average Gains or Dividend
10,088
10,789
10,009
9,950
8,349
49,418
20.4
21.8
20.3
20.1
16.9
100.0
0.5
0.9
3.4
7.6
21.4
6.2
4,983
4,045
4,106
4,747
69,512
42,886
0.6
0.9
2.5
5.7
19.2
5.3
‐13,036
‐6,936
‐7,464
‐6,637
‐12,396
‐10,815
1.2
2.2
7.9
17.3
44.4
13.4
866
745
806
1,045
7,748
4,782
1.5
2.7
9.3
19.4
48.9
15.1
2,387
1,940
2,205
2,779
37,429
21,865
4,396
1,981
1,589
382
35
8.9
4.0
3.2
0.8
0.1
14.2
24.9
30.8
45.9
64.7
7,710
11,582
35,586
547,964
2,940,020
12.4
20.9
31.1
37.9
29.7
‐6,270
‐7,786
‐13,011
‐46,604
‐240,237
33.1
46.8
63.7
81.5
89.5
1,239
2,391
6,211
59,075
334,593
36.6
52.9
68.8
87.0
94.6
4,123
7,564
21,713
344,253
2,326,889
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐2).
* Insufficient data
Note: Tax units with children are those claiming an exemption for children at home or away from home.
(1) Calendar year. Baseline is current law with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current law. For a description of TPC's current law and current policy
baselines, see http://www.taxpolicycenter.org/T11‐0270
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non‐filing units but excludes those that are dependents of other tax units. The cash income percentile classes used in this table are based on the income distribution for the entire population and contain an equa
number of people, not tax units. The incomes used are adjusted for family size by dividing by the square root of the number of people in the tax unit. The resulting percentile breaks are (in 2011 dollars): 20% $12,690; 40% $24,714; 60% $41,203; 80% $67,700; 90% $97,816; 95% $138,772; 99% $358,601; 99.9% $1,621,178.
(4) Average federal tax on long‐term positive capital gains as a percentage of positive long‐term gains.
(5) Average federal tax (includes individual and corporate income tax as well as payroll taxes for Social Security and Medicare) as a percentage of average cash income. (6) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; and payroll taxes (Social Security and Medicare).
1‐Sep‐11
PRELIMINARY RESULTS
http://www.taxpolicycenter.org
Table T11‐0332
Taxes on Long‐Term Capital Gains and Qualified Dividends
Baseline: Current Law
1
Distribution of Federal Tax Change by Cash Income Percentile Adjusted for Family Size, 2013 Detail Table ‐ Elderly Tax Units
Cash Income Percentile 2,3
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Number (thousands)
Pct of All Units (%)
Average Income ($)
Tax Units with Tax On Positive Long‐Term Gains or Qualified Dividends
Average Tax
Average Tax Rate
Average Gains On Gains and or Dividend
On Gains and On All Income On All Income5 ($)
Dividends ($)
($)
Dividends4 (%)
(%)
Percent Change in After‐Tax Income4 (%)
Share of Tax on Gains and Dividends (%)
Share of Total Tax Burden (%)
*
81
1,143
2,355
4,460
8,039
*
0.9
13.7
36.8
64.5
21.7
*
27,730
42,402
71,369
277,744
181,294
*
2,205
1,963
3,859
48,409
28,287
*
255
238
740
12,082
6,955
*
3,357
3,472
9,549
77,288
46,200
*
11.6
12.1
19.2
25.0
24.6
*
12.1
8.2
13.4
27.8
25.5
*
‐1.0
‐0.6
‐1.2
‐5.7
‐4.9
*
0.0
0.5
3.1
96.4
100.0
*
0.1
1.1
6.1
92.8
100.0
1,729
1,147
1,205
379
42
54.5
65.4
77.4
88.7
96.4
107,172
152,663
272,003
1,452,189
6,354,528
7,362
14,847
37,202
372,717
1,990,676
1,532
3,139
9,172
96,488
507,835
19,982
33,192
69,427
496,975
2,413,778
20.8
21.1
24.7
25.9
25.5
18.6
21.7
25.5
34.2
38.0
‐1.7
‐2.6
‐4.3
‐9.2
‐11.4
4.7
6.4
19.8
65.4
38.4
9.3
10.2
22.5
50.7
27.5
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Baseline Distribution of Long‐Term Capital Gains and Qualified Dividends
1
by Cash Income Percentile Adjusted for Family Size, 2013 Tax Units 3
Cash Income Percentile
Number (thousands)
Lowest Quintile
Second Quintile
Middle Quintile
Fourth Quintile
Top Quintile
All
Tax Units With Net Long‐Term Capital Gains
Tax Units With Net Long‐Term Capital Losses
Percent of Total Units
Percent of Total Units
Tax Units With Qualified Dividends
Tax Units With Long‐Term Gains or Qualified Dividends
2,3
Percent of Total
Average Gains
Average Loss
Percent of Total Units
Average Dividend
Percent of Total Units
Average Gains or Dividend
5,988
9,396
8,334
6,402
6,913
37,068
16.2
25.3
22.5
17.3
18.6
100.0
0.1
1.3
6.6
17.9
35.9
11.7
4,063
2,026
2,183
4,076
57,900
34,786
0.5
1.3
5.8
10.8
21.3
7.6
‐7,573
‐5,136
‐6,208
‐6,226
‐14,014
‐10,387
2.7
10.8
22.7
35.1
60.0
25.5
774
1,074
1,529
2,362
18,021
8,891
2.8
11.4
24.6
39.6
66.0
28.1
955
1,254
1,994
3,933
47,905
22,541
3,175
1,753
1,557
427
44
8.6
4.7
4.2
1.2
0.1
28.0
36.9
44.7
58.8
72.4
7,284
13,557
38,251
405,061
1,976,452
16.1
22.9
27.8
29.1
24.3
‐8,622
‐7,841
‐14,761
‐53,468
‐277,308
50.2
61.3
71.8
83.7
91.8
4,276
8,104
16,811
112,818
540,641
56.3
66.7
78.1
90.4
96.8
7,434
14,938
37,348
368,115
1,990,758
Addendum
80‐90
90‐95
95‐99
Top 1 Percent
Top 0.1 Percent
Source: Urban‐Brookings Tax Policy Center Microsimulation Model (version 0411‐2).
* Insufficient data
Note: Elderly tax units are those with either head or spouse (if filing jointly) age 65 or older.
(1) Calendar year. Baseline is current law with no tax on long‐term positive capital gains or qualified dividends that would be eligible for the lower rates. Proposal is current law. For a description of TPC's current law and current policy
baselines, see http://www.taxpolicycenter.org/T11‐0270
(2) Tax units with negative cash income are excluded from the lowest income class but are included in the totals. For a description of cash income, see http://www.taxpolicycenter.org/TaxModel/income.cfm
(3) Includes both filing and non‐filing units but excludes those that are dependents of other tax units. The cash income percentile classes used in this table are based on the income distribution for the entire population and contain an equa
number of people, not tax units. The incomes used are adjusted for family size by dividing by the square root of the number of people in the tax unit. The resulting percentile breaks are (in 2011 dollars): 20% $12,690; 40% $24,714; 60% $41,203; 80% $67,700; 90% $97,816; 95% $138,772; 99% $358,601; 99.9% $1,621,178.
(4) Average federal tax on long‐term positive capital gains as a percentage of positive long‐term gains.
(5) Average federal tax (includes individual and corporate income tax as well as payroll taxes for Social Security and Medicare) as a percentage of average cash income. (6) After‐tax income is cash income less: individual income tax net of refundable credits; corporate income tax; and payroll taxes (Social Security and Medicare).